On September 7, 2020, Pacific Life is adjusting rates for PL Promise Term, a product specifically designed to serve the death benefit protection needs of the broad market consumer (household incomes of $50K to $250K).
Our commitment to providing affordable life insurance coverage for everyday consumers remains strong. For this reprice, new rates may be higher or lower than the old rates. Rates have been refreshed to increase consistency for solid competitiveness across all combinations of terms, risk classes, male/female, and issue ages. You will find more aggressive price reductions for standard and better risk classes and more.
Targeted “Sweet Spots”
- Face amounts up to $100K – all term durations, male/female, preferred risk classes, all ages
- Competitive positioning for monthly modes, longer terms, and preferred risk classes, with emphasis on select no-nicotine
- PL Smooth Sailing fluidless underwriting program for ages 50-69
- Substandard pricing (+20% per table versus the traditional +25%)
- Monthly Premium mode (monthly premiums)
- eCapabilities and digital solutions resulting in shorter cycle times and higher placement rates Ongoing Adjustments
- Refreshed rates to increase consistency for solid competitiveness across all combinations of terms, risk classes, male/female, and issue ages
The new PL Promise Term rates go into effect beginning September 7, 2020, for all states except NY. A 60-day transition period from September 7, 2020, through November 5, 2020, is provided. (See chart below.)
During the transition period, a request to use the lower rates is not required. The difference between any premiums received that are higher than the lowest premium available will be automatically adjusted for the client during this window.
|All states except NY||September 7, 2020
November 5, 2020
|From September 7, 2020, through November 5, 2020, the lower of the prior and new PL Promise Term rates will apply for policies issued during the transition period arising from:
|November 6, 2020||